Major Companies Espouse the Benefits Of Hiring Older Workers

A group of UK household names teamed up yesterday to espouse the benefits of hiring older workers. Boots, Barclays, the Co-op, and Aviva have all signed up to a pledge to increase the number of over-50s in their respective workforces by 12% over the next five years. They have also committed to publishing data on the age of their employees. The joint initiative is part of a wider international effort to promote lifelong learning and investment in older members of the workforce.
 
The announcement also comes amidst concerns that the UK jobs gap will continue to widen in line with a rapidly ageing population and increased pressure to remain globally competitive in emerging industries. The charity Business in the Community, which will be publishing the data said that ‘the UK simply cannot meet its growth and productivity objectives without adapting to retain, recruit and develop people aged over 50…we have an ageing society and it is essential that employers act now to ensure employees can stay in work for longer and to support career changes in later life.’
 
This focus on investing in older workers is not new, with improving life expectancy and concerns over savings levels pushing more and more people to work beyond retirement. Moreover, there is likely to be an increased onus on re-training older workers over the next few years as migrant numbers are cut and the volume of students coming out of UK universities with STEM skills continues to lag competitors.